Economy 'anything but hunky-dory', Simon Bridges says amid predictions of further economic slowdown

New Zealand's economy is "anything but hunky-dory", Simon Bridges said today as economists predict a further slowdown.

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The National Party Leader talked about the issues facing New Zealand’s economy on TVNZ1’s Breakfast. Source: Breakfast

The National Party Leader told TVNZ1’s Breakfast today that the nation was already in a slow down. He cited a drop in growth and business confidence and a predicted Reserve Bank cut the Official Cash Rate (OCR) to another record low of 1.25 per cent today.

"All of that suggests the economy is anything but hunky-dory. The economists are talking about it turning sour, so I think that's exactly right," Mr Bridges said.

Infometrics senior economist Brad Olsen earlier told Breakfast the slow down comes amidst a trade between China and the US.

But Mr Bridges said, "If you look at the numbers, it's not the exports that are going badly, it's the domestic economy to date that's had the problems and that all comes down to business confidence in a sense the Government's policies, their costs, their taxes are hurting New Zealand businesses small through large."

He accepted there was an international factors are playing a role in the slowdown but reiterated his claim that the Government's "lack of a clear plan" was hurting the economy as well.

When asked what he would do differently if National was in Government, Mr Bridges said the aim would be to inject confidence and certainty back into the economy.

"I think that is really about having less tax, less Government in people's and businesses lives, giving them a real clear sense of where we're going - that's what the economy in New Zealand needs right now."